The platform enables users to buy fractional stocks starting from $1, and choose from a variety of investment options.
InvestSky, a UAE-based social investment platform developed for the new and upcoming generation of users in the MENA region, has raised $3.4 million in a pre-seed round led by Emkan Capital, with participation from S3 Ventures, the Al-Romaizan Family office, and Mishal Al-Mishari, the Deputy CEO of Jahez, alongside other strategic angel investors.
Founded in 2021 by Nitish Mittal and Turki Alshaikh, InvestSky is a social commission-free investment platform that aims to make investing accessible, inclusive, and easy for new and experienced investors in the MENA region. The platform is regulated by the Dubai Financial Service Authority (DFSA), the regulatory agency of Dubai International Finance Center (DIFC) in Dubai, UAE.
“We founded InvestSky on the recognition that retail investors are a hugely influential group across the Middle East, yet the offering for them is clearly lagging behind,” Nitish Mittal, CEO of InvestSky, tells StartupScene. “The region has not scratched the surface when it comes to the engagement and education of retail investors, especially considering the significant purchasing power, high GDP per capita, and beneficial demographics. We intend to offer an empowering platform that helps educate our users to make sound investment decisions; powered by socially connected tools that will help build a collaborative community in the region.”
The platform enables users to buy fractional stocks starting from $1, and choose from a variety of investment options including green, impact-driven, and shariah-compliant investments through its market intelligence data. The app also includes a social feature to encourage interaction and collaborate among users.
The UAE is one of the most funded ecosystems in the region, raising $31.8 million in December 2022, according to Wamda. Fintech continues to receive the lion’s share of funding last year with Baraka raising $20 million Series A round, Pyyl raising $20 million Series B round, and Qashio raising $10 million Seed round.
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